The Economic Growth and Recovery Plan (ERGP) and other development plans will require a lot of resources to succeed, Nigeria’s finance and planning minister Hajiya Ahmed Zainab has reported.
Zainab warned in Abuja at the Nigeria Governors Forum (NGF) Internally Generated Revenue (IGR) Peer Learning Event.
She said Nigeria required about $3 trillion over the next 30 years to “sufficiently” address its infrastructure deficit.
The minister reported that the Nigeria needed fiscal sufficiency and buoyancy which must come through domestic revenues for it to be sustainable.
She said the performance showed the country’s inability to “efficiently” collect taxes from its non-oil economic activities.
“Regarding the 2019 Budget, as at 30th June, the actual aggregate revenue as per our Fiscal Accounts was N2.04 trillion, indicating a revenue shortfall of 42 per cent, to underperformance of both oil and non-oil revenue targets.
“Similar revenue shortfalls have been experienced since 2017, when the ERGP was launched, resulting in serious deviations from our targeted revenue and expenditure projections.
“We currently have a pervasive revenue generation problem that must change to successfully finance our development plans….